Unlike countries such as Italy, where damaged banknotes can be exchanged more easily at the Bank of Italy, in the United States this procedure can be quite lengthy. A 66-year-old woman living in Sacramento, California, experienced an unexpected mix of joy and frustration when she found a sum of money she had lost years ago. While rummaging through boxes and accumulated items in her backyard, the woman found about $6,000 in cash — approximately £5,500 — that she had completely forgotten about.
She finds $10,000 in the attic, but the bank refuses to accept it: the drama of deteriorated banknotes
The surprise was even greater because, as she explained to local media, she is going through financial difficulties and survives on a modest pension, as well as having some long-standing debts. But her relief was short-lived.
When she went to Bank of America to deposit the money, she encountered an unexpected obstacle: the bank refused to accept the banknotes. The reason, according to reports, was the poor condition of the money: humidity and the passage of time had severely damaged the banknotes, rendering them unfit for use as legal tender.
In the United States, citizens can request replacement of damaged banknotes through the Bureau of Engraving and Printing (BEP), the agency responsible for producing paper money. This agency allows damaged banknotes to be sent in for analysis and replacement if necessary.
The problem, however, is time. The evaluation and replacement process can take anywhere from six months to three years, meaning that the woman will not have immediate access to the money to pay off her most pressing debts.
Unlike countries such as Italy, where damaged banknotes can be exchanged at the Bank of Italy in a more streamlined manner, in the United States this procedure can become a lengthy and impractical process for those in urgent need of cash. In the meantime, the woman will have to wait and look for other ways to deal with her situation.
